A Red Hook property at 62-64 Ferris Street, primed for development and with waterfront views, sold to Est4te Four, a real estate development group, for $16 million, Commercial Observer has learned.
The seller of the massive, 100,000-square-foot property on a 200-foot-by-500-foot lot, with M2-1 zoning for manufacturing districts, was Gregory Iovine. The property is also fenced and paved. The initial asking price was $22 million.
Town Residential’s Patty LaRocco (now with Douglas Elliman) and Mark Chin represented Est4te Four in the transaction. Manzione Real Estate/Realty Collective’s Frank P. Manzione represented Mr. Iovine. The sale closed on Dec. 11.
“It is an exceptional piece of property–a full city block adjacent to the Port Authority of New York & New Jersey’s Pier 12 and the cruise line. So it’s ideally located for development,” said Mr. Manzione. “There are spectacular views of Manhattan and Governor’s Island.”
Mr. Manzione added that Est4te Four has already acquired the Snapple distribution site directly across the street.
“[Est4te Four] is really acquiring some great pieces of property for future development,” he said. “It’s [as if] they have two city blocks side by side.”
Ms. LaRocco could not immediately be reached for comment.
Manzione Real Estate/Realty Collective declined to disclose the plans for the site.